This is the news about Pounds to Naira rate at the official and black market exchange rate Today January 18, 2022.
How Much Is Pounds To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday January 18th, 2022, for £1 pound to naira = ₦566.3728/£1.
According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦566.3728/£1 on Tuesday 18th, after it closed at ₦568.613 to a £1 on Monday, 17th January 2022.
Naija News reports that a pound is bought at the official market at N565.6896 and sold for N567.056.
How much is exchange rate of Pounds to Naira in Black Market today?
The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦730 and sell for ₦740 on Tuesday, January 18th 2022, according to sources at Bureau De Change (BDC).
Elon Musk Terminates $44bn Deal To Buy Twitter
The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.
This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.
In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.
Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.
Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.
On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.
However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”
Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.
Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.
Forex trading sessions in Nigeria time explained
Forex trading sessions in Nigeria time
For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.
However, certain hours of the day may be better for traders than others.
When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.
In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.
The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.
Understanding Forex trading sessions
Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.
The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.
These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.
Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.
The Asia session
The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.
The European session
At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.
The North American session
By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session.
The best time to trade in Nigeria
For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT.
During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times.
Bread producers threaten strike over hike in production cost
The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.
Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.
They also accused the Federal Government of turning a blind eye to the development.
This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.
The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.
The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.
The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.
The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.
“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.
“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.
“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”
They, however, informed their members to wait for further directives on the matter.
The, however, noted that its “members should await further directives.”
The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.
Court bars Peter Obi, Labour Party, others from protesting at Lekki Tollgate –
The Lagos Division of the Federal High Court has restrained Peter Obi’s Labour Party (LP) and its supporters from using...
Struggling Mané will soon find his feet: Bayern Munich
Bayern Munich forward Sadio Mané has been backed by sporting director Hasan Salihamidzic to rediscover his form. “Sadio still needs...
Police will ensure credible elections in 2023 like in Osun, Ekiti: IGP
Inspector General of Police Usman Baba says the police was working to sustain the improvements recorded in the conduct of...
Emeka Anyaoku: Why I shunned Atiku Abubakar’s book launch
Naija News Today Former Commonwealth Secretary-General, Chief Emeka Anyaoku, has given reasons he did not attend the book launch by...
Intel Announces New 13th Gen Raptor Lake CPUs
Intel, at the Intel Innovation 2022 event, has revealed to the world their first 13th Gen Core processors with the...
Court sacks Ahmed Lawan as APC senatorial candidate
Naija News Federal High Court sitting in Damaturu has ruled that Bashir Shariff Machina is the duly elected candidate for...
Muhammadu Buhari inaugurates national council on climate change
Naija News Today President Muhammadu Buhari on Wednesday in Abuja charged the National Council on Climate Change to formulate appropriate...
Gunmen attack police station in Oyo
Metro News Happening In Nigeria Today Gunmen have attacked the Igangan Police station in the Ibarapa North Local Government Area...
Rally: Court orders Peter Obi’s supporters not to converge at Lekki toll gate
Metro News Happening In Nigeria Today The Federal High Court sitting in Lagos has ordered the Labour Party and its...
Brazil condemns banana attack on Richarlison in Paris during Tunisia match –
Brazilian head coach Tite and ex international, Juninho Paulista have condemned the racist attack on Richarlison in Paris, during the...
- Big Brother NaijaSeptember 7, 2022
BBNaija: Deji reacts to leaked ‘sex’ video with Chichi
- EducationSeptember 14, 2022
JAMB generates N8.732bn revenue out of proposed N12.132bn from UTME, Direct Entry registration, others
- Big Brother NaijaSeptember 7, 2022
#BBNaija: Deji, Chichi caught having s3x
- PoliticsSeptember 2, 2022
27 State Chairmen endorse resignation of ADC’s National Chairman, Nwosu
- ForeignSeptember 16, 2022
Allan Saint-Maximin, Erling Haaland, Mikel Arteta emerges Premier League Goal, Player, Manager of the Month winners
- PoliticsSeptember 7, 2022
Nigeria is not Lagos, Tinubu may lose in north – APC forum
- MetroSeptember 25, 2022
Cherry Valentine cause of death: How RuPaul’s Drag Race UK star died
- PoliticsSeptember 2, 2022
Why i support Wike’s demand for PDP chairman, Ayu resignation – Bode George